Blog
IRS Expands Access to Business Tax Accounts
IRS business tax accounts are now available to individual partners of partnerships and individual shareholders of S corporations, a privilege that was previously available only to sole...
Staffing Strains and the Work Opportunity Tax Credit
While the employee retention credit (ERC) is no more, there’s still a significant tax credit on your side when hiring great workers from demographics that have historically faced significant...
Texas Increases Franchise Tax Exemption
The January 1, 2024, Texas franchise tax filing deadline was the first for some business owners to avoid paying or even filing a “no taxes due” form. The Texas franchise tax exemption has...
IRS Crackdown on Millionaires Is a Sweeping Success
The federal government is over half a billion dollars richer thanks to its increased collection of back taxes. The IRS has been making headlines with its intensified enforcement efforts to...
IRS Collection Reminders Are Back
The IRS has restarted sending automated collection notices, ending a two-year hiatus due to the COVID-19 pandemic. The IRS temporarily suspended the mailing of automated reminders to pay...
Giving to Charities Abroad
With war, natural disasters, and other tragedies happening worldwide, you may want to donate to the global causes you believe in. But what are the tax implications of giving to charities...
IRS Intends to Be More User-Friendly by 2024
The IRS recently updated the public on how it’s been spending its cash infusion, including new online accounts and mobile-friendly forms. It also announced an end to surprise visits from tax...
The Fight Over Taxing Unrealized Income
The U.S. Supreme Court recently heard oral arguments that could lead to a landmark ruling that affects how unrealized income is (or isn’t) taxed. As summarized here, Moore vs the United States...
1099-K Reporting Threshold Takes a Big Dip
The IRS has announced it is delaying the new $600 Form 1099-K reporting threshold requirement for third-party payment organizations for tax year 2023 and is planning a threshold of $5,000 for...
Timing Is Everything in Tax Planning
Mastering the art of timing can be a powerful tax planning tool. Simply filing and paying on time can make a significant difference. So can managing the timing of asset purchases, capital gains...